Qivalis has received authorization from De Nederlandsche Bank as an electronic money institution, clearing one of the central regulatory hurdles for a euro-denominated stablecoin backed by a consortium of European banks. The Amsterdam company announced the approval on October 14 and said it is now subject to ongoing supervision by the Dutch central bank. The authorization makes Qivalis eligible to issue electronic money tokens, or EMTs, but it does not mean the planned token is already available. Qivalis states explicitly that it does not currently issue electronic money or provide payment services to the public.

A license, not a token launch

Qivalis said issuance is planned within the coming months and remains subject to the European Union's Markets in Crypto-Assets Regulation. A required white paper is still part of that process. Independent reporting from Cinco Días said company sources expect a November launch on Ethereum, with other networks envisioned later. The company's formal announcement did not specify a November date or name a blockchain, so those details should be treated as the reported plan rather than a completed rollout. No circulating supply, initial transaction volume or final token name was disclosed in the announcement.

Related reporting: ECB and EU Central Banks Challenge MiCA Stablecoin Deposit Rule

What the authorization permits

De Nederlandsche Bank explains that electronic money institutions operating in the Netherlands need a license or an applicable exemption. Under MiCA, an EMT references a single official currency. CoinDesk reported that holders must have a legal claim against the issuer and a right to redeem at face value, while the token cannot pay interest. Those protections distinguish the legal structure from an unregulated claim, but they do not remove operational, technology, counterparty or liquidity risks that can emerge once a token begins circulating.

Distribution will run through partners

Qivalis plans a business-to-business-to-end-user model rather than a direct retail launch. It said eligible counterparties may include banks, cryptocurrency exchanges, payment service providers and financial-market infrastructure operators. The company is backed by 37 banks across 15 European countries. Its members include large institutions such as BBVA, BNP Paribas and ING, according to CoinDesk. The size of that network could support distribution, but Qivalis has not identified which member banks will offer the token first or how much settlement activity they expect to route through it.

Why Europe is building another digital euro rail

The project is aimed at payments, settlement and tokenized-asset workflows that can operate outside conventional banking hours. Cinco Días reported that euro-denominated stablecoins account for only about 0.2% of global stablecoin circulation, while dollar-linked assets represent more than 98%. That imbalance has helped make financial autonomy a policy and commercial theme in Europe. Qivalis argues that a euro settlement asset issued under European law could give banks and businesses an on-chain alternative governed by regional rules.

The remaining test is execution

Regulatory authorization moves Qivalis beyond the application stage, but the more difficult evidence will arrive after issuance. The company still needs to complete its MiCA disclosures, connect distribution partners, establish redemption and reserve operations, and show that users will adopt the token for real transactions. Competing euro stablecoins and a separate Italian bank-led project already exist or are being developed. For now, the verified change is narrower than a launch: Qivalis has become an authorized Dutch e-money institution and can proceed toward issuance, while its stablecoin, network availability and market use remain future steps.

Sources

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